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What is a Contract?
No entirely satisfactory definition of the term “contract” has ever been devised. Every contract involves at least one promise which has legal consequences. The promissory element present in every contract is stressed in a widely quoted definition: “A contract is a...
What Is an Offer? – Its Legal Effect
An offer, with minor exceptions discussed below, is essentially a promise to do or refrain from doing some specified thing in the future. A promise has been defined as "a manifestation of intent to act or refrain from acting in a specified way, so made as to justify a...
What is Mutual Assent in Forming a Contract
Usually, an essential prerequisite to the formation of a contract is an agreement: a mutual manifestation of assent to the same terms. This mutual assent ordinarily is established by a process of offer and acceptance. But it is possible to have mutual assent even...
What Type of Statements Are Not Contractual Offers
There are a number of kinds of expressions that border on, but are not, promises. To facilitate the drawing of distinctions between these expressions and promises, the discussion will be subdivided into several somewhat arbitrary categories. It is well settled that...
What Is an Offer? – Its Legal Effect
An offer, with minor exceptions discussed below, is essentially a promise to do or refrain from doing some specified thing in the future. A promise has been defined as "a manifestation of intent to act or refrain from acting in a specified way, so made as to justify a...
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